Adobe Inc. (NASDAQ:ADBE) Shares Sold by PAX Financial Group LLC

PAX Financial Group LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 63.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 562 shares of the software company's stock after selling 971 shares during the quarter. PAX Financial Group LLC's holdings in Adobe were worth $216,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter valued at $2,553,035,000. GAMMA Investing LLC increased its position in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after buying an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after buying an additional 830,300 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Jefferies Financial Group decreased their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Performance

Shares of ADBE traded up $4.53 during midday trading on Thursday, hitting $366.30. 2,426,039 shares of the stock traded hands, compared to its average volume of 3,465,051. The business's 50 day moving average price is $394.90 and its two-hundred day moving average price is $404.10. The firm has a market capitalization of $155.39 billion, a PE ratio of 23.42, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the business posted $4.48 EPS. Adobe's revenue was up 10.6% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.